PRESS RELEASES - NYCRC FINANCING Print
NYCRC TO PROVIDE FUNDING FOR THE REDEVELOPMENT OF THE GEORGE WASHINGTON BRIDGE BUS STATION
NEW YORK, NY – November 1, 2011 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $72 million loan to an affiliate of SJM Partners, Inc., the real estate company designated by the Port Authority of New York & New Jersey (the “Port Authority”) to assist with the redevelopment of the George Washington Bridge Bus Station. The Port Authority is the nation’s largest bi-state authority and is currently implementing a strategic plan to maintain and modernize its existing transportation facilities. The goal is to ensure safety and security and to significantly improve the quality of transportation services for regional residents, businesses, and visitors. A key component of this plan is the redevelopment of the George Washington Bridge Bus Station, an important New York City transportation facility.
The NYCRC loan will assist with the transformation of the bus station into a modern transit and retail hub. The project is upgrading and consolidating bus operations and reconfiguring the station to accommodate 50% more bus capacity. The project also includes construction work that will increase four-fold the retail space within the bus station.
“EB-5 funding in this project is essential to ensure the continued construction and completion of one of New York City’s most critical job creating developments,” said Stephen Garchik, Managing Partner of SJM Partners.
“The project will improve the efficiency of operations at the bus station and also enlarge the bus and passenger capacity for the station’s approximately 5 million annual users,” said Paul Levinsohn, Managing Principal of the NYCRC.
“The project is also bringing new construction and permanent jobs to the community as well as increased retail options to the Washington Heights section of Upper Manhattan,” added George L. Olsen, Managing Principal of the NYCRC.
The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) in 2008 to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx. NYCRC is the first regional center approved in New York City. The NYCRC works in conjunction with the government and designated developers to fund critical economic development projects in New York City.
The NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate projects that are creating much needed jobs. NYCRC projects include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility. The NYCRC is also providing funding for key components of the Atlantic Yards project in Brooklyn as well as the redevelopment of the historic Battery Maritime Building and Pier A in Lower Manhattan.
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